The Netherlands is moving closer to taxing unrealized profits from cryptocurrencies starting from 2028, as part of its Box tax reform. However, a new government proposal may ultimately result in taxes being levied on crypto assets at the time of sale.

• The Netherlands is preparing to implement a new Box system starting from 2028, which will levy taxes on actual investment returns, including changes in the value of crypto assets.
• Even if Bitcoin and other crypto holdings are not sold, taxes may still be due based on the annual price increase, while losses can be carried forward to offset future gains.
• The House of Representatives has approved Bill Box, but the Senate's deliberations, as well as a revised government proposal aimed at expanding the scope of taxation on realized gains, may still change the way this system operates.

According to the Dutch government, the proposed "Actual Return Box 3 Act" will replace the current system by basing it on changes in income and asset values, with the new framework scheduled to be implemented starting from January 1, 2028.

The Dutch House of Representatives approved the bill on February 12 and sent it to the Senate for review. The legislation has been discussed in the Senate, but a final vote has not yet taken place.

Cryptocurrencies such as Bitcoin generally fall under the category of Box, which encompasses the savings and investment assets of Dutch taxpayers. Parliamentary documents have explicitly classified cryptocurrencies as Box assets, and it is stated that taxpayers must declare them.

According to the bill passed by the House of Representatives, most assets will be subject to a capital gain tax, which is referred to in Dutch as vermogensaanwasbelasting. This system takes into account both the income generated by the assets and their value changes when calculating the actual returns for taxpayers.

For holders of cryptocurrencies, this means that the value of Bitcoin or other digital assets increases, and even if investors have not yet sold their tokens, they may still be liable for taxes.

Tax on encrypted earnings or in the event of not selling them

The initial Box Proposal 3 uses the value of assets at different points in the tax year to calculate wealth changes. According to the explanation of the proposed system in Dutch parliamentary materials, cryptocurrencies will be included in the method of capital growth, and their value fluctuations will be accounted for in the calculation of actual returns.

Therefore, investors who hold Bitcoin throughout the year may have to pay taxes on its price increase, even if they do not convert their assets into euros.

Losses will also be dealt with accordingly under the proposed framework. The Dutch government stated that declines in asset value can be offset against earnings in subsequent years, allowing for the carryover of negative returns.

Interest, dividends, and other direct income from assets will constitute another part of the calculation, and certain expenses related to obtaining investment income can also be deducted.

Real estate, as well as the equity of eligible startups and expanding enterprises, is treated differently in legislation. The change in their value is usually taxed when income or losses are realized, for example, when properties or shares are sold. The government states that this approach avoids taxing before taxpayers have received funds from the sale of illiquid assets.

The bill passed by the House of Representatives did not include cryptocurrencies in this exception.

This distinction is particularly important for digital assets, as the prices of cryptocurrencies can fluctuate significantly within a year. Dutch officials acknowledged during parliamentary discussions that if one invests solely in crypto assets, there may be substantial returns in one year, but considerable losses could occur in the following year.

Netherlands reconsiders the taxation method for Box 3 returns

The legislation being pushed forward in parliament is not the only option that will affect the future of Box.

In a letter to parliament on September 29th, Prime Minister Rob Jeuten ( Rob Jetten ), Finance Minister Erko Hainen ( Eelco Heinen ), and State Secretary for Finance Eugen Ehrenberg ( Eug è ne Eerenberg ) proposed to extend the capital gains tax to financial instruments starting from 2028.

This proposal implies that assets belonging to this category will generally be taxed when revenue is realized, rather than being taxed on the unrealized appreciation on the balance sheet each year.

Cryptocurrencies held directly generally do not fall under the same legal category as traditional financial instruments such as stocks, bonds, and options. Therefore, according to the current plan, cryptocurrencies will still be subject to the capital growth method in the first phase of the new Box system.

The government plans to transition the remaining Box 3 assets to a capital gains regime later on. At that time, taxation will be based on the realized income, replacing the current system of taxing on annual unrealized value changes.

For crypto investors, this means that the rules for 2028 are not yet the final form of the Dutch government's long-term tax framework. Any changes still require legislative and parliamentary approval, and the current "Actual Returns Box Act" is still under consideration in the Senate.

According to the official legislative records of the Senate, the bill was initially submitted in May 2025, and the House of Representatives passed its foundational bill in February. The Senate held a full debate on June 30th, and since then, members have continued to review the proposed amendments to that framework.

A motion that would have indicated no objection to withdrawing the legislation was vetoed in the Senate on July 7th.

EU crypto tax reporting is expanding

As tax authorities gain more information on cryptocurrency transactions, changes to the methods of calculating profits are also occurring simultaneously.

EU DAC8 regulations have been in effect since January 1, 2026, requiring crypto asset service providers to collect tax identification numbers and transaction information from their customers. As previously reported by crypto.news, this reporting framework covers transactions of cryptocurrencies for fiat currency, transactions between cryptocurrencies, as well as transfers to external addresses.

Dutch parliamentary documents state that encrypted information collected under DAC8 will be provided to the Dutch tax authorities and can be used to verify the information in tax declarations.

The declaration rules and the method of tax calculation are two independent parts of the system. DAC8 handles information collection and exchange, while Box determines how the Netherlands taxes changes in income and asset values.

Similar declaration measures have also been tested in other parts of Europe. The French Council of State recently rejected an emergency challenge that attempted to suspend the implementation of the DAC8 decree in France during the trial of another case requesting the revocation of the relevant decree.

Meanwhile, Germany is also considering adjusting its cryptocurrency tax regime. A proposal from the Ministry of Finance would impose a 25% tax on crypto gains starting from 2028 and may abolish the current tax exemption for assets held for more than one year.

Greece, on the other hand, has taken a different approach. Officials are preparing to introduce a 15% tax on the profits from cryptocurrencies, officially incorporating digital assets into the country's tax law.

Box The 3 reforms stem from years of legal disputes

The reforms in the Netherlands regarding Box 3 stem from years of court rulings and disputes surrounding the country's assumed investment return system.

Under the current system, Box 3 typically relies on fixed or assumed returns, rather than taxing only the actual returns obtained by each taxpayer. The Dutch Tax Authority stated that transitional rules will still be applied for temporary assessments in 2026, but if a taxpayer's actual returns are lower than the assumed returns, their Box 3 income can be adjusted.

The proposed "Actual Return Box 3 Act" aims to replace this structure with a taxation method based on actual income and asset performance.

Government documents describe actual returns as a combination of asset income and the positive or negative changes in their value, and applicable debts and deductible costs are deducted in the calculation.

The government continues to study modifications to the bill, while still setting 2028 as the scheduled start date. According to its official schedule, the current legislation remains the foundation for the new system. Policymakers are working on adjustment plans and evaluating the capital gains model.

As for the current proposals, the Senate remains the next legislative hurdle. Its parliamentary records show that the "Actual Return Box 3 Act" is still under consideration, which means that the rules applicable to Bitcoin and other crypto holdings may further change before its planned implementation in 2028.